BofAML Arranges $600MM Revolvers for BGC Partners, Newmark

Bank of America Merrill Lynch acted as the active lead arranger on two separate credit facilities for BGC Partners and Newmark Group, respectively. Together, the credit agreements total $600 million, as compared to BGC’s previous revolving credit facility of $400 million.

BGC Partners entered into a new $350 million revolving credit facility maturing on November 28, 2020, replacing its previous revolver that was due to mature on September 8, 2019. The interest rate on the BGC facility is LIBOR plus 2.0%, subject to adjustments based on pricing grids dependent on BGC’s credit ratings with Standard & Poor’s and Fitch.

Concurrently, Newmark entered into a new $250 million revolving credit facility maturing on November 28, 2021. The interest rate on the Newmark facility is LIBOR plus 2.0%, subject to adjustments based on pricing grids dependent on Newmark’s credit ratings with Standard & Poor’s and Fitch.

Both companies expect to use their facilities for general corporate purposes.

BGC Partners is a global brokerage and financial technology company which provides trade execution, broker-dealer services, clearing, trade compression, post trade, information and other services to a broad range of financial and non-financial institutions through various subsidiary brands.

Newmark Group operates as a full-service commercial real estate services business with a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry.